Ball, Laurence M. (contributor); … - 2003 - [Elektronische Ressource]
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Section 2 of this paper briefly reviews the two literatures on which our work builds, the
work on optimal monetary policy and … policy, the price level can deviate from target as long as output is expected to deviate
from its natural rate.
2MOTIVATION … place to start our analysis
is with a brief overview of these two broad literatures.
2.1 The Sorry State of Monetary Policy …